ADNOC LNG sales to India took another step on 6 November 2026. ADNOC signed a long-term sales and purchase agreement (SPA) with Gujarat Energy Ltd (GEL) to supply up to 4mn tonnes of liquefied natural gas over 10 years, starting in 2028. The cargoes will come from the international gas portfolio of XRG, ADNOC’s international investment company.
Notably, the deal marks the first sale of molecules from XRG’s international portfolio. It is also ADNOC’s fifth LNG supply agreement in India, according to the Emirates News Agency.
Key terms of the ADNOC LNG deal
The volumes are modest but long-dated. On average, the contract implies potential supply of up to 0.4 mtpa, The Hindu BusinessLine reported. However, actual offtake will depend on the contract terms.
Pricing is the key detail for traders. According to GEL’s stock exchange disclosure, the contract uses Henry Hub-linked pricing. As a result, GEL’s cost will track US gas prices rather than oil prices.
GEL, formerly Gujarat Gas Ltd, operates across the gas value chain. Its city gas network covers 44 districts in 6 states. In addition, it runs regasification infrastructure and a growing trading business.
What the executives said
“This agreement with Gujarat Energy strengthens ADNOC’s long-standing energy partnership with customers in India,” said Rashid Al Mazrouei, ADNOC’s chief marketing and origination officer for LNG. He added that the deal reinforces ADNOC’s “commitment to delivering reliable, long-term LNG supplies”.
Similarly, GEL managing director Avantika Singh Aulakh called natural gas “central to driving India’s shift toward cleaner energy”.
XRG and the trading platform
The deal runs through ADNOC’s global LNG marketing and trading platform. ADNOC launched that platform in Abu Dhabi Global Market in July 2026. It targets 47 mtpa of marketable LNG beyond 2030. So far, the platform has signed supply deals with INPEX in Japan, Gulf Group in Thailand and now GEL in India.
Meanwhile, XRG keeps adding supply outside the Gulf. On 3 November 2026, Shell agreed to sell XRG its 16.67% stake in Australia’s North West Shelf LNG, World Oil reported. The base price is $1.45bn. That portfolio approach mirrors the strategy we examined in our analysis of the TotalEnergies LNG portfolio and its ADNOC Gas deals.
Earlier, in January 2026, ADNOC Gas agreed to supply 0.5 mtpa to Hindustan Petroleum Corporation (HPCL) for 10 years. The National valued that deal at $2.5bn to $3bn.
Why ADNOC LNG matters for India
For India, the deal adds supply from outside the Gulf. Importantly, WAM said it connects XRG-owned supply produced outside the Gulf with demand in India. That matters after months of disruption to shipping through the Strait of Hormuz.
Spot prices remain high too. Asian spot LNG averaged $31.40/MMBtu in the week to 6 November 2026, near a four-year high, Pipeline & Gas Journal reported. By contrast, term contracts give buyers fixed volumes at formula prices.
Next, the market will watch which XRG assets supply the cargoes. It will also watch whether other Indian city gas firms sign similar Henry Hub-linked deals before 2028.
For a deeper analysis, read: ADNOC LNG Deal: Why Gujarat Locked in Henry Hub Supply From XRG
Sources
- Emirates News Agency (WAM): ADNOC signs agreement to supply India’s Gujarat Energy up to 4 million tonnes of LNG
- The Hindu BusinessLine: Gujarat Energy signs 10-yr LNG deal with ADNOC for up to 4 million tonnes
- The National: Adnoc signs new agreement to supply LNG to India’s Gujarat Energy
- World Oil: Shell to sell North West Shelf LNG stake to ADNOC’s XRG for $1.45 billion
- Pipeline & Gas Journal: Asian spot LNG prices ease but remain near four-year high as Europe competes for winter supply
- Entelera: TotalEnergies LNG portfolio: China and ADNOC Gas deals
